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Gold updates multi-year maximums

Today gold has moved into the region of new multi-year maximums. According to most experts, the main growth driver is news about a new wave of coronavirus spread. The US, South Korea, and Latin American countries cannot yet localize the foci of the spread of the disease. The number of cases in these countries continues to grow. Investors fear a new wave of the spread of the epidemic in other regions of the world.


Even if states refrain from slowing their economies again, the difficult epidemiological situation will require additional measures to stimulate and soften monetary policy on the part of governments and the Central Bank. Considering the above, gold remains the main protective asset against inflation. For the same reasons gold retains an upward movement vector despite the positive dynamics of the movement of world stock indices.


Another driver of gold price growth is the American dollar. The USD index continues to decline. Gold and other commodity assets denominated in US currency are becoming more accessible to foreign investors.


No important economic news that could directly affect gold is expected in the economic calendar. The main driver of the movement will be the news of geopolitics and the situation on stock exchanges.


A bullish trend continues to develop on the chart. Now buyers are trying to gain a foothold above the level of 1765.00 in order to continue their upward movement. The next target may be the level of 1780.00.


Resistance Levels: 1780.00, 1800.00, 1810.00;


Support Levels: 1765.00, 1745.00, 1723.00.


The main scenario - growth by 1780.00 from the current levels.


An alternative scenario - a decline below 1765.00 and a fall towards 1745.00.


The current fundamental outlook is moderately positive. We consider longs based on support levels at 1765.00 and 1745.00.

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